1. Interim Budget 2024: No big ticket announcement for salaried class

Interim Budget 2024: No big ticket announcement for salaried class

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Upstox

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1 min read • Updated: February 1, 2024, 3:29 PM

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Summary

The salaried class looks forward to the income tax relief announcement in every budget. However, the government has decided to not tinker with the existing direct and indirect taxation rates.

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No tax relief for salaried class

No changes related to tax rates

  • The salaried class looks forward to the income tax relief announcement in every budget. However, this time, the government kept tax slabs unchanged as the Finance Minister opted to continue with existing tax slabs.

  • FM Nirmala Sitharaman kept the tax slab rates unchanged for new and old income tax regimes. The individual taxpayers eagerly awaited income tax reforms amid elevated inflationary pressures and recessionary undertones in major world economies.

Leave travel allowance (LTA) benefit

  • The budget speech focused on developing tourism hubs in India through the development of port connectivity, tourism infrastructure, and amenities on islands, including Lakshadweep. This, in turn, is expected to benefit employees claiming LTA or leave travel allowance.